Safe & Green Holdings Corp. - SGBX STOCK NEWS

Safe & Green Holdings Corp. (NASDAQ: SGBX) reported Q2 2024 results, highlighting significant improvements in profitability and operational efficiency. Key points include:

- Record sales pipeline exceeding $25 million
- Gross profit margin increased to 12.7% from 0.7% in Q2 2023
- Operating expenses reduced by 48% year-over-year
- On track for positive cash flow before year-end
- Revenue of $1.3 million, down from $5.1 million in Q2 2023
- Net loss of ($3.9) million, improved from ($5.6) million in Q2 2023
- Adjusted EBITDA loss of ($1.4) million, improved from ($2.3) million in Q2 2023

The company secured new contracts, expanded existing agreements, and implemented cost-saving measures, positioning itself for growth in H2 2024.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has announced a potential refinancing deal for its Waldron facility, replacing the previously planned sale-leaseback transaction. The new terms are expected to be highly favorable, allowing the company to:

• Pay off more expensive existing debt
• Gain over $1 million in additional working capital
• Retain ownership of the flagship facility

Additionally, the company anticipates receiving a $1.4 million Employee Retention Tax Credit payment within the next year, further boosting its non-dilutive working capital. These financial moves aim to strengthen the company's position and support its growth strategy in the modular solutions industry.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has promoted David Cross to Executive Vice President of SG Echo, . Cross, a Maine Maritime Academy graduate, has a background in maritime operations and innovative container-based construction. His expertise led to the first recognition of recycled materials use by the International Code Council.

Cross has testified before the U.S. Congress on containerized applications for emergency response at FEMA's request. Paul Galvin, CEO of Safe & Green Holdings, praised Cross's dedication and innovative approach, expressing confidence in his future contributions. Cross aims to foster success among team members in his new role.

Safe & Green Holdings Corp. specializes in modular and container-based structures, offering solutions for various industries. The company's subsidiary, Safe and Green Development , focuses on real estate development using prefabricated modules from SG Holdings' factories.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has promoted David Cross to Executive Vice President of SG Echo, Cross, a Maine Maritime Academy graduate, brings extensive experience in container-based construction and innovative design methodologies. His career highlights include:

- Pioneering the use of containers as construction materials
- Developing code-compliant, engineered structures from shipping containers
- Achieving recognition from the International Code Council for recycled materials use
- Testifying before U.S. Congress on containerized applications for emergency response

Paul Galvin, CEO of Safe & Green Holdings, praised Cross's dedication and innovative approach, expressing confidence in his future contributions to the company's growth and success.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has successfully completed its annual audit for 2024/2025, maintaining its ESR certification for using shipping containers in modular construction. This certification, first received in 2017, is issued by the International Code Council (ICC) Evaluation Service and is important for regulatory approval and code compliance.

The ESR certification allows SGBX to continue certifying intermodal containers as approved building materials in their projects. This evaluation program has been instrumental in mainstreaming the use of intermodal containers in construction, with SGBX at the forefront of this innovation.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has received an extension until November 12, 2024, to regain compliance with Nasdaq's minimum stockholders' equity requirement of $2,500,000. The company expects to meet this requirement through recent initiatives including a private placement, cost-cutting measures, debt reduction, and other strategic actions. CEO Paul Galvin emphasized the company's commitment to maintaining its Nasdaq listing and meeting the requirements within the given timeline.

Safe & Green Holdings is a modular solutions company specializing in developing, designing, and fabricating modular structures for various industries. The company is also a majority shareholder in Safe and Green Development , which focuses on real estate development using prefabricated modules.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has engaged Northmarq Capital to secure a sale-leaseback deal for its Waldron facility in Durant, Oklahoma, appraised at $4.7 million. This strategic move aims to free up working capital to support growing customer demand and facilitate expansion strategies. The sale-leaseback highlights the company's innovative approach to leveraging its asset base for non-dilutive capital.

CEO Paul Galvin emphasized that this transaction will significantly bolster working capital, allowing for more aggressive pursuit of growth opportunities. CFO Tricia Kaelin noted that monetizing equity in this asset will provide working capital without shareholder dilution and enable beneficial debt restructuring on the property.

Safe & Green Holdings announced that CEO Paul Galvin has opted to receive a portion of his 2023 performance bonus in company shares. Galvin will receive 69,960 shares, equivalent to $165,805 of his $350,000 bonus, based on the stock's closing price on July 9, 2024. This move reflects his confidence in the company’s future and commitment to maximizing shareholder returns. CFO Tricia Kaelin noted that this decision will improve the company’s balance sheet and cash flow while strengthening its equity position. Safe & Green Holdings achieved significant milestones in 2023, including the NASDAQ spin-out of Safe & Green Development Corp.

Safe & Green Holdings (NASDAQ: SGBX), a key player in modular structure development, announced its 2024 Annual Meeting of Stockholders will take place on September 27, 2024, at 10:00 am ET in New York. The Board of Directors has set August 1, 2024, as the record date for determining stockholders eligible to vote. Safe & Green Holdings specializes in modular solutions, supporting various industries with faster, greener, and high-value construction through its subsidiary, Safe and Green Development , formed in 2021. The subsidiary focuses on prefabricated modules sourced from SG Holdings’ factories.